OHSU reported $80 million in operating income, well over the $57 million expected in fiscal year 2011-12. It enjoyed a 4 percent operating margin, or profit -- its best in years.

That performance was buoyed by a one-time $9 million settlement that OHSU and some other academic health centers reached with the Internal Revenue Service having to do with FICA withholding for graduate medical students. Also, the impact of Medicaid cuts was $12 million less than expected.

OHSU recently reached a labor agreement that should cut its retirement costs in the future.

Over four years, OHSU's combined cash and investments have grown from $295 million to $767 million.

Formerly the University of Oregon's medical school, OHSU was split off from state government in 1995 to become a public corporation.